"I think that it institutionalizes 'too big to fail,' and gives far too much authority to federal bureaucrats to bail out virtually any company in America they decide ought to be bailed out," he said at a news conference. "I think it ought to be repealed. There are common-sense things that we should do to plug the holes in the regulatory system that were there and to bring more transparency to financial transactions, because transparency is like sunlight, and sunlight is the best disinfectant."

Democrats quickly condemned the move.

"Not surprisingly, Republicans have already announced that they want to repeal this legislation, putting big banks back in control and taking us back to the failed policies that made this reform necessary in the first place," House Majority Leader Steny Hoyer (D-Md.) said. "That's the last thing America needs as we move forward in building a strong middle class again."